As a seasoned economist with over three decades of experience, I find Thaksin Shinawatra’s vision for Thailand’s future economy to be both insightful and pragmatic. His advocacy for embracing digital currencies like Bitcoin and stablecoins is forward-thinking, considering the rapid pace at which technology is reshaping our global financial landscape.
Thaksin advocates for Thailand to embrace Bitcoin, digital currencies like stablecoins, in a bid to strengthen the economy, decrease national debt, and support the proposed 15% VAT rate.
Thaksin Shinawatra, a previous prime minister of Thailand, has recently talked about significant economic shifts. He encouraged Thailand to embrace emerging trends such as Bitcoin and stablecoins. He advised the Thai trade sector to brace for the potential return of Donald Trump as U.S. president, suggesting that Trump might retaliate against Thailand due to the trade surplus in Thailand’s favor. Furthermore, Thaksin stated that Trump could leverage Bitcoin to settle America’s debts, implying a potential global overhaul in currency usage.
At a seminar in the resort town of Hua Hin on December 13, Thaksin gave a discourse on the future of money. He said that most of the cryptocurrencies are in circulation. Very soon there may be more currencies than there are countries in the world. He proposed that Thailand should consider using Bitcoin, especially in such areas as Phuket and Hua Hin believed to attract many tourists. This could help those who own Bitcoin to use their currency to spend in Thailand hence increasing the economy.
The other issue that Thaksin talked about was stablecoins. He suggested that Thailand wanted to issue stablecoins being collateralized by state bonds. This would assist in circulating money without having to print more banknotes as a way of increasing the circulating stock. Thaksin thought this would increase the growth rate of the economy. He said that the GDP will grow by 3.5% the next year. But he said that for the country to remain competitive with other ASEAN countries, the GDP should be 4% by 2026.
Thaksin Defends 15% VAT Proposal, Says It Aligns with Global Standards
He reacting to current issues affecting the Thai Economy Thaksin also spoke about the current issues in Thailand economy. He said that banks are not lending, and much money has been ‘‘sucked out’’ of the system. This is lacking due to which there is no growth in investment. He averred that the government must spend cash in the economy but the money cannot come from borrowing. Public debt should be reduced and this is why Mr. Thepthai said that the Pheu Thai Party must focus on this important matter.
Additionally, he emphasized the importance of private investment in various projects, using Bangkok’s flood control system as an example given by Thaksin. He suggested that the private sector should take on more of this investment when government resources are limited. Furthermore, he criticized monopolies in electricity provision and advocated for lower prices to benefit citizens.
To conclude, Thaksin spoke about the proposed 15% Value Added Tax. He mentioned that the idea was introduced too early, causing some confusion. However, he defended this tax as being in line with global best practices. If Thailand implements the 15% VAT, businesses could utilize the savings to enhance their operations, which would benefit both companies and the nation.
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2024-12-18 11:50